IFRS (International Financial Reporting Standards) has come to Canada. Since January 2011, all publicly accountable companies, public companies listed on the Toronto Stock Exchange and crown corporations, are required to report their financial results using IFRS instead of Canadian GAAP. Anyone who uses financial statements, including research analysts, portfolio managers, and bankers, need to understand the differences between the former Canadian GAAP and IFRS to be effective.

Topics covered

Background and Overview of IFRS

Benefits of IFRS

An overview the international accounting framework

Summary of similarities between IFRS and Canadian GAAP

Summary of changes between IFRS and Canadian GAAP

Fair values vs historical costs

Asset impairments and impairment reversals

Provisions

Contingent liabilities

Leases

Increases in professional judgement and disclosures

New presentation format for financial statements

Impact of IFRS on financial statements

Impact of IFRS on ratios and financial models

Deadlines for adoption in Canada and the U.S.

IFRS as a moving target

Major upcoming IFRS changes

Where to get additional information to stay current on IFRS developments

Workshop format

This workshop is highly interactive. Participants will see the impact of the new accounting standards first hand by working through exercises and reviewing statements prepared using different accounting standards.

Who will benefit

This course is an introduction to IFRS and is intended for the users, rather than the preparers, of financial statements. It is designed to help financial professionals and non-financial professionals understand some of the major differences between Canadian rules and IFRS. It will highlight some of the major impacts that the new accounting standards could have on Canadian companies.